Catena reports dip in revenue and profit for Q1 2023 results

Revenue from continuing operations decreased by 5%, while profit from continuing operations saw a drop of 35%.

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Catena saw an overall drop in its Q1 2023 results when accounting for discontinued operations.

Excluding assets such as the sold AskGamblers brand, Catena reported figures both including and excluding its discontinued operations.  

Revenue from continuing operations stood at €35m ($37.9m), a 5% decrease year-on-year, although revenue including discontinued operations increased to €36.2m, but this was down 20%.

EBITDA from continuing operations was €20.5m, a 7% decrease from the first quarter of 2022, and EBITDA, including discontinued operations, came in at €19.4m, a 24% fall.

Net profit for the period from continuing operations was €11.6m, a decrease of 35% from last year. Net profit for the period, including discontinued operations, came to €22.9m, reflecting an increase of 10%.

Catena – Better Collective: Q1 results comparison excluding discontinued operations (graph below)

Catena – Better Collective: Q1 results comparison including discontinued operations (graph below)

In comparison to rival Better Collective, Catena has brought in far less revenue – earning less than half – however, its net profit, including discontinued operations would have been higher than Better Collective’s and EBITDA is 41% less.

Catena Media CEO Michael Daly said: ”As expected, year-on-year group revenue decreased slightly due to challenging comparatives created by the launch of online sports betting in New York in Q1 2022 and the go-live in Louisiana in the same quarter.

"The major market highlight during the quarter was the legalisation on 1 January of online sports betting in Ohio. The dedicated efforts of our North American team to maximise the advantageous timing just ahead of the February Super Bowl led to one of our best ever launches, albeit some way behind New York in gross revenue terms.”

Recently, Catena appointed a new Interim CFO, following the announcement of Peter Messner's departure (announced in February 2023).

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